Theta Gold Mines Limited (ASX:TGM) (OTCMKTS:TGMGF) is pleased to announce a key project development milestone for the Starter Theta Project has been achieved with the selection of an experienced and respected mining contractor in order that the Company is positioned to rapidly advance trial mining activities.
After a comprehensive tendering process, Digmin Group (‘Digmin’) has been selected. The Digmin Group has a solid track record providing contract mining services throughout Africa and also provides bulk earthworks, roads and civils, mine infrastructure development as well as surface and underground drilling services. Digmin is a proven contract miner currently engaged in a number of gold, copper, niobium and coal projects across the African continent. To date, the group has completed over US$2 billion worth of civil and mining works in South Africa alone.
Further information is available at www.digmingroup.com.
The selection of Digmin will allow Theta to rapidly mobilise trial mining operations. These operations are expected to commence once final permitting has been achieved (environmental authorisation for open pit mining on Theta’s existing underground mining right). This authorisation is expected to be received in the near term in Q4 2020.
Theta Chairman Mr Bill Guy stated, “The Company has delivered another key milestone in the development of the Theta Project with Digmin selected as our preferred mining contractor. They have intimate knowledge of the Theta Open Pit Project having spent many months with our mining team in order to deliver a well costed schedule of works which presently remain in line with our May 2019 Feasibility Study costs.”
“Having a reputable, experienced mining contractor on board adds significant credibility and will assist in financing the project development as it provides potential project financiers, of which there are several still under consideration, comfort in terms of execution and cost management.”
“The Digmin team will be a strong partner for us in South Africa and they have in-depth knowledge of the Pilgrim’s Rest area with their founder living only 40 km from the Theta Project. Digmin’s broad range of capabilities including mining, rehabilitation, civil and road works, and open pit and underground drilling give Theta’s project development team the flexibility to now focus on the successful build and operation of the Theta Open Pit Project.”
“We are making excellent progress in a number of critical project development initiatives. There is broad enthusiasm at a community and government level for the Theta Project and we are now at the point where significant value will start to be realised. I look forward to keeping shareholders abreast of our developments.”